Tuesday, May 17, 2011

HFF closes sale of Village Mall in Danville, IL


CHICAGO, IL – HFF announced today that it has closed the sale of Village Mall,(top left photo)  a 480,759-square-foot regional mall in Danville, Illinois.

HFF marketed the property on behalf of the seller, LNR Partners, Inc.  Tabani Group purchased Village Mall free and clear of debt. 

Village Mall is situated on 41.14 acres at 2917 North Vermilion Street directly north of Interstate 74 in Danville.  The property was originally built in 1978 and renovated in 1999.  Tenants at the 64 percent leased mall include Elder-Beerman, Sears, Covington Foods, AMC Theatres and Pet Supplies Plus. 

The HFF team representing the seller was led by managing directors Jaime Fink and Jeff Bramson.

Tabani Group owns more than three million square feet of retail, hotel and office properties throughout the United States.

Jaime M. Fink, HFF Managing Director, (312) 528-3650, jfink@hfflp.com
Jeffrey M. Bramson, HFF Managing Director, (312) 528-3650 jbramson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,


Colliers International Completes Sale of 78,021-SF Industrial Property for $3.9 Million in Chino, CA

 CHINO, CA, May 17, 2011  - Colliers International, the second largest global real estate services organization, has completed the sale of a 78,021-square-feet industrial building located at 5740 Schaefer Ave., (top left photo) Chino, Calif. to a Massachusetts-based aerosol cans manufacturing and distribution company, Shield Packaging of California. The transaction is valued at $3.9 million.

Brad Yates, vice president, and Richard Schwartz, vice president, based in Colliers International’s Inland Empire office represented the buyer. The seller, MRC Properties, LLC, was represented by Larry Null and Douglas Earnhart of Lee & Associates.

 “Shield Packaging has been out in the market for several years in search of another facility for overflow storage of existing product,” said Yates. “Richard and I brought the Schaefer building to Shield late last year and discussed an opportunity to move their storage requirement to the Schaefer facility.” 

“With several offers in play, Shield was willing to make a full price offer on the property. The seller accepted the offer, and we were able to successfully close escrow in under 90-days,” added Schwartz.

 Built in the 1970s, the property is an older metal building with 78,021-square-feet of industrial space and 5,622-square-feet of office space. It offers seven ground level doors, two dock high doors with 2,000 Amps of Power, 20’clear height, and 5.5 acre parcel size.

Colliers International Negotiates 82,080-SF Industrial Lease in Santa Fe Springs, CA

May 17, 2011 Santa Fe Springs, Calif.  – Colliers International, the second largest global real estate services organization, recently negotiated a 45 month 82,080-square-feet industrial lease located at 12991 Leffingwell, Santa Fe Springs, Calif. The transaction is valued at $1.9 million.  

 The property was built in 2000 and will be used as a distribution center for light assembly and manufacturing by the new tenant.

 Clyde Stauff, SIOR, senior executive vice president based in Colliers International’s Irvine, Calif. office and Stephen C. Calhoun, SIOR, senior executive vice president based in Colliers Commerce, Calif. office represented the landlord, Golden Springs Development Company. The tenant, Hydrofarm, Inc., a manufacturer/distributor of hydroponics equipment and grow lights based in Petaluma, Calif. was represented by Steve Sprenger and Randy Lockwood of Grubb & Ellis.

 “One of the key elements in Hydrofarm’s decision to lease space in Golden Springs was the high hazard, ESFR sprinkler system and 32’ minimum ceiling clearance which allowed for high pile storage to 30’.  The 5.3 million square foot Golden Springs project includes such tenants as Amway, Thyssen Krupp, and HD Supply (a division of Home Depot)” said Stauff.

Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258

Manatee Chamber and Sarasota County EDCs with CEO Nexus and GrowFL to co-host CEO Nexus Forum June 7 at Hoveround Corp. in Sarasota, FL

 SARASOTA, FL --- The Economic Development Council of the Manatee County Chamber of Commerce and The EDC of Sarasota County in conjunction with CEO Nexus and GrowFL will co-host a CEO Nexus Forum Tuesday, June 7 from 5:30 to 7:30 p.m. at Hoveround Corporation, 2151 Whitfield Industrial Way in Sarasota.

Steve Quello (top right photo), president of CEO Nexus– a firm that works with public and private organizations to serve growing businesses – said Hoveround Corporation Chief Executive Officer Tom Kruse (lower left photo) will be the featured speaker for the program.

Kruse, who began his career 30 years ago, today heads the largest direct-to-consumer manufacturer of maneuverable and compact power chairs in the U.S.    He will tell the unique story of how he built a thriving company based on a need he identified.

The CEO Forum is open to business owners and CEOs who are leaders of established second-stage businesses, Quello said.  Admission is free. 

The program will begin with networking opportunities from at 5:30 p.m. to 6 p.m.

Kruse will take the stage from 6 p.m. to 7 p.m. for a presentation and Q&A, followed by a post-forum networking session until 7:30 p.m.

For more information, to qualify and RSVP contact Joan McGill 941-309-1200 ext. 107 or Jmcgill@edcsarasotacounty.com  by June 2.

For more information,contact:  
Steve Quello, President/Principal, CEO Nexus 407-590-6101, squello@ceonexus.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com

Crossman & Company Earns Regions Top CoStar Power Broker Awards

 ORLANDO, FL --- Crossman & Company, the Orlando based commercial real estate company that ranks as one of the largest retail property management, leasing and development companies in the Southeast, recently earned seven of the top CoStar Power Broker awards.

John Crossman, president of Crossman & Company, said CoStar named Crossman & Company one of the Central Florida region’s top leasing firm and the region’s top retail leasing brokers.

 Six associates at Crossman & Company also earned CoStar Power Broker awards: Ashley Thornburg (top left photo); Courtney Kowalchuk (lower right photo), vice president of leasing; Daniel Germano, senior associate; Katherine Rush (top right photo); Justin Greider, vice president and director of leasing; and Whitaker Leonhardt.

For more information, contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
Larry Vershel, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Marcus & Millichap Capital Corp. Names Raymond C. Allen Associate in Seattle Ofice

SEATTLE, WA– Marcus & Millichap Capital Corporation (MMCC) has named Raymond Allen (top right photo) an associate in the firm’s Seattle office, according to William E. Hughes, senior vice president and managing director of MMCC.

“Raymond has impressed us with his track record of arranging commercial real estate financing in Southern California,” says Hughes. “While in a new market, he brings a strong record of successful debt placement on multifamily, office, retail, industrial, hospitality and automotive properties to his new position.”

Prior to joining MMCC, Allen was a vice president at Capital Real Estate Finance Inc. in San Diego. He has also held positions a production manager at Cintiva Financial Corp. and as a branch manager and account executive at Ameriquest Mortgage Corp.

Allen received a Bachelor of Arts degree in communication from Washington State University.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

HFF closes $13.7 million sale of Village Shoppes of Flowery Branch in northern Atlanta

ATLANTA, GA –HFF announced today that it has closed the sale of Village Shoppes of Flowery Branch (top left photo), a 92,985-square-foot, grocery-anchored shopping center in northern Atlanta. 

HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management - Global Real Assets.  Kimco Realty Corporation purchased the center for $13.7 million and assumed an existing mortgage loan. 

Village Shoppes of Flowery Branch is located at 5900 Spout Springs Road close to the Interstate 985/Spout Springs Road interchange in northern Atlanta.    Completed in 2002, the 92 percent leased property is anchored by Publix. 

The HFF team representing the seller was led by directors Richard Reid and Jim Hamilton.

“The property attracted a lot of investor interest due to its Atlanta location, strong grocery anchor, and regional draw on Interstate 985,” said Reid.

Richard M. Reid, HFF Director, (404) 942-2209, rreid@hfflp.com
Jim R. Hamilton, HFF Director, (404) 942-2212,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

HFF closes $24.7 million sale of North Raleigh shopping center

ATLANTA, GA –HFF announced today that it has closed the sale of Wakefield Commons (top left photo), a 160,949-square-foot, grocery-anchored shopping center in North Raleigh, North Carolina.  

HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.  The property was purchased for $24.7 million and the buyer assumed an existing CMBS loan on the property. 

This is HFF’s third grocery-anchored sales transaction with JP Morgan in 2011 totaling $61.7 million in sales.  The other two properties sold are: Westpark Shopping Center in Richmond, Virginia and The Village Shoppes of Flowery Branch in Atlanta, Georgia.

Wakefield Commons is located at 14460 New Falls of Neuse Road at the Capital Boulevard (U.S. 1) and New Falls of Neuse Road interchange in North Raleigh. 

Originally built in 2000 and renovated in 2005, the property is 86 percent leased to tenants including Kroger, Marquee Cinemas, and Starbucks.

The HFF team representing the seller was led by directors Richard Reid (middle right photo)  and Jim Hamilton (bottom left photo).

Richard M. Reid, HFF Director, (404) 942-2209, rreid@hfflp.com
Jim R. Hamilton, HFF Director, (404) 942-2212,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

Midtown Atlanta Block on the Block

Bull Realty’s Daniel Latshaw Lists 2.5-acre Tract near Fox Theatre

ATLANTA, GA (May 17, 2011) – Bull Realty said today it has listed for sale a high-profile 2.5-acre tract near the Fox Theatre in Midtown Atlanta for short sale. The property covers nearly an entire city block, nestled between Ponce De Leon Avenue, Piedmont Avenue, North Avenue and Juniper Street.

 The property is entitled for 1.4 million square feet of mixed-use or commercial development. The lender expects to accept a short-sale offer for less than the loan balance and anticipates a quick, clean closing.

“The tract offers an incredible opportunity to create a major mixed-use or retail project in the city’s most-vibrant 24-hour district,” said Daniel Latshaw (bottom right photo), a partner at Bull Realty. “These types of tracts do not come to the market too often, so we expect a lot of interest.”

The property currently comprises three buildings totaling 75,000 square feet. Tenants such as Midtown Urology Center occupy two of the buildings, and the third building is vacant. SPI-16 zoning allows versatility for the incoming business models including office, retail, medical, hotel, multifamily, assisted living, or student housing.

 In 2008 the property was appraised at $27.3 million. Currently the property is offered un-priced but the approximate loan balance is $11 million.

Bull Realty already has received offers from interested buyers. The deadline to submit an offer is 5 p.m. June 3. For more information, pictures, videos and maps visit the listing here.


 Media Contact: Christin Clay, Wilbert News Strategies, 404-965-5025, 
Twitter: @christinclay10

CBRE Orlando Closes Sutton Place Apartments

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Sutton Place (top left and bottom right photos) for $18,180,000.

Built in 1986, this gated community features 288 units in the Winter Park submarket of Orlando.

 The property was 93% occupied at closing, and features two swimming pools, a fitness center, and racquetball and tennis courts.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller, and have closed over $154,000,000 in Orlando thus far in 2011 – more than the next three competitors combined.

Buyer interest in multi-housing assets in Central Florida has increased significantly.

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis:

Shelton Granade T 407.839.3103 shelton.granade@cbre.com
Luke Wickham T 407.839.3130 luke.wickham@cbre.com